The Supreme Court just set the stage for a blockbuster ruling on Trump's financial records
- The Supreme Court has agreed to take up three major cases regarding President Donald Trump's taxes and financial records.
- The hearings will begin in March and the court will make a ruling by the end of its current term in June 2020.
- In all three cases, lower courts ruled that the president has to turn over his closely held financial records to Congress and New York state investigators.
- The Supreme Court is now Trump's last hope to conceal his finances from the public.
- Currently, the court has a 5-4 conservative majority, and two of the justices, Neil Gorsuch and Brett Kavanaugh, are Trump appointees.
- Visit Business Insider's homepage for more stories.
The president also sued the Manhattan DA's office in New York to stop investigators from obtaining his tax returns. In this case, the president's attorneys argued that he has "absolute immunity" not just from criminal prosecution but from any investigation while in office.In all three cases, lower courts rejected Trump's arguments and said the president has to turn over his records to congressional and New York state investigators. Now, the Supreme Court is Trump's last hope to stop the public from gaining access to his closely held financial records.
Trump has been at the center of several financial scandals throughout his professional life. The New York Times reported last year that Trump used a series of dubious tax schemes to shield a $400 million inheritance from the IRS. And in September, Mother Jones published an investigation that found that he might have fabricated a loan to avoid paying $50 million in income taxes.
But Trump has long maintained that he has committed no financial or tax crimes. He has said he can't release his tax returns because they are under audit, even though there is no rule to prevent him from doing so.The public may get a window into the president's financial documents even before the Supreme Court rules on the cases, thanks to an employee at the IRS who recently blew the whistle on "inappropriate efforts to influence" the agency's audit of Trump's tax returns.
There aren't many government officials who have access to the president's and vice president's tax documents, Jeffrey Cramer, a former federal prosecutor who spent 12 years at the Justice Department, told Insider in an earlier interview."The president's and vice president's tax returns are kept in a top-secret vault," Cramer said. "It's code-word-protected, the whole nine yards, and not just anyone can get in there. There are very few people - the head of the Treasury, the head of the IRS - who have access."
In particular, Cohen accused Trump of inflating and deflating his loan and tax documents, respectively.
- Cannes Lions 2021: India brings home a Gold, four Silver Lions and three Bronze Lions on Day 2
- E-commerce management platform CommerceIQ raises $60 million, looks to launch India operations by 2022
- Best power banks under ₹ 1000 to buy in India for 2021
- Best business laptops in India for 2021
- India is reportedly mulling over a new crypto tax which could make trading on foreign exchanges more expensive